 "Guarseed futures slip on heavy selling")
Guarseed prices tumbled by Rs 280 to Rs 7,000 per quintal in futures trade today on increased selling by speculators driven by a weak trend in physical marketers on sluggish demand.
Market men said strong supplies against restricted demand by guargum millers in spot markets mainly pulled down prices here in future markets.
Timely monsoon in the major guarseed growing states such as Haryana, Rajasthan and Gujarat raised hopes of better output and influenced the trading sentiment in futures trade.
Most active November month fell by Rs 220, or 3.68%, to Rs 5,760 per quintal in 2,011 lots.
Near October contract also drifted by Rs 220, or 3.58%, to Rs 5,930 per quintal in 5,395 lots.
Market men said strong supplies against restricted demand by guargum millers in spot markets mainly pulled down prices here in future markets.
Timely monsoon in the major guarseed growing states such as Haryana, Rajasthan and Gujarat raised hopes of better output and influenced the trading sentiment in futures trade.
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At the National Commodity and Derivatives Exchange, guarseed prices for July month dropped by Rs 280, or 3.85%, to Rs 7,000 per quintal, in open interest of 7,236 lots.
Most active November month fell by Rs 220, or 3.68%, to Rs 5,760 per quintal in 2,011 lots.
Near October contract also drifted by Rs 220, or 3.58%, to Rs 5,930 per quintal in 5,395 lots.
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